The most extreme remedy you asked about is rescission - the court undoes the contract and attempts to put each side back to where they were as if neither entered into the contract. 

this deal will go, but I feel like even in a worst case scenario I'm still doing considerably better than if I was renting (albeit with a lower QoL) and I will hopefully have the safety net of appreciation to bail me out if things go extremely poorly.If I wasn't house hacking, I would not be considering properties that do not generate positive cash flow.

In some states they do use it if a new use would create a higher tax base than the current use, however; it is extremely difficult to do that. 

You've gotta have extremely tough skin.

That's an extremely broad question/statement.

That would depend on the agreement (handshake in this case, extremely difficult to substantiate) between the members.

Most properties have been extremely quiet.  

Chris Gerstner This is extremely helpful!

This may have been already mentioned... it is going to be EXTREMELY difficult to cash flow a Vacation STR using traditional finance methods.

Texas as an example isn't friendly to lease options because the option period is extremely short so make sure you understand your states laws.